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Financial crisis and transformation of Korean business groups : = the rise and fall of chaebols /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Financial crisis and transformation of Korean business groups :/ Sea-Jin Chang.
Reminder of title:	the rise and fall of chaebols /
remainder title:	Financial Crisis & Transformation of Korean Business Groups
Author:	Chang, Se-jin,
Description:	1 online resource (xii, 364 pages) :digital, PDF file(s). :
Notes:	Title from publisher's bibliographic system (viewed on 05 Oct 2015).
Subject:	Corporations - Finance. - Korea (South) -
Online resource:	https://doi.org/10.1017/CBO9780511510861
ISBN:	9780511510861 (ebook)

Financial crisis and transformation of Korean business groups : = the rise and fall of chaebols /
Chang, Se-jin,1960-

Financial crisis and transformation of Korean business groups :the rise and fall of chaebols /Financial Crisis & Transformation of Korean Business GroupsSea-Jin Chang. - 1 online resource (xii, 364 pages) :digital, PDF file(s).

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

1. Introduction -- 2. The Evolution of Chaebols -- 3. Chaebols' Diversified Business Structure -- 4. Vertical Integration of Chaebols -- 5. The Capital Structure of Chaebols -- 6. Chaebols' Ownership and Governance Structure -- 7. The Restructuring of Chaebols -- 8. Conclusion -- App. 2. Comparing the Profitability of Group-affiliated Companies and Independent Companies -- App. 3. Profitability of Group-affiliated Firms -- App. 4. The Impact of Vertical Integration in Chaebols -- App. 5. Determinants of the Capital Structure of Chaebols -- App. 6. Profitability and Stock Ownership of Affiliates -- App. 7. Intragroup Business Transactions and Ownership Structures of the Top Five Chaebols -- App. 8. Key Economic Statistics.

Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.

ISBN: 9780511510861 (ebook)Subjects--Topical Terms:

1446114
Corporations
--Finance.--Korea (South)

LC Class. No.: HG4247 / .C47 2003

Dewey Class. No.: 338.8/095195

Financial crisis and transformation of Korean business groups : = the rise and fall of chaebols /
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505 0 $a 1. Introduction -- 2. The Evolution of Chaebols -- 3. Chaebols' Diversified Business Structure -- 4. Vertical Integration of Chaebols -- 5. The Capital Structure of Chaebols -- 6. Chaebols' Ownership and Governance Structure -- 7. The Restructuring of Chaebols -- 8. Conclusion -- App. 2. Comparing the Profitability of Group-affiliated Companies and Independent Companies -- App. 3. Profitability of Group-affiliated Firms -- App. 4. The Impact of Vertical Integration in Chaebols -- App. 5. Determinants of the Capital Structure of Chaebols -- App. 6. Profitability and Stock Ownership of Affiliates -- App. 7. Intragroup Business Transactions and Ownership Structures of the Top Five Chaebols -- App. 8. Key Economic Statistics.
520 $a Sea-Jin Chang argues that the Korean financial crisis of 1997 was due to the inertia of both the business groups known as chaebols and the Korean government which prevented adaptation to changing external environments. Once the Korean government stopped central economic planning and pursued economic liberalization in the 1980s, the transition created a void under which neither the government nor markets could monitor chaebols' investment activities. The intricate web of cross-shareholding, debt guarantees, and vertical integration resulted in extensive cross-subsidization and kept chaebols from shedding unprofitable businesses. The government's continued interventions in banks' lending practices created 'moral hazards' for both chaebols and banks. This treatment demonstrates how the structure of chaebols later inhibited other adaptations and for all practical purposes became nearly dysfunctional. The book argues that restructuring of chaebols should focus on improving corporate governance systems. After such restructuring, the author predicts, chaebols will re-emerge as stronger, more focused global players.
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